ASK Property Investment Advisors (PIA) on Monday said it has achieved the initial closure of Rs 610 crore for a real estate fund. The new fund will be invested in the established residential markets of Mumbai, Pune, Noida, Gurgaon, Bengaluru and Chennai, ASK PIA’s chief executive and managing director Amit Bhagat said.
“Domestic investors account for 50 per cent of the real estate fund raised, while overseas investors account for the remaining 50 per cent. We are targeting a fund size of Rs 2,000 crore,” he added. Real Estate Fund IV is the sixth real estate fund by ASK PIA, an official statement said, adding that over the last few years, private equity investments in income yielding commercial, industrial, residential and data centres have increased significantly, led by foreign capital inflows in India.
The group managing director and chief executive Sunil Rohokale said the residential market is already on a growth trajectory in 2022 and is likely to grow further. The group counts on selecting suitable developers, relevant micro markets and entry at the right price as its strengths, he said.
End-user demand combined with declining inventory on one side and employment generation combined with income growth in service industry, IT, financial services and allied sectors are the drivers for sustained demand in residential sector, the group said.
